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Please forgive me if I am "beating a dead horse" but I need to clarify something. Is this method only worth it if I retire the year I turn 66 - which is July of this year?. I am not sure if I will retire Dec 2016 or continue until Fall 2017. The way I understand I can start collecting this month and continue to work for as long as I want with no 1:3 payback as I only work part time and less than $60,000 yearly.
I have been reading this site for a few weeks but this is my first post. I have learned a lot but have a way to go. Thank you all for sharing information .
Are you certain that "Filing as the spouse caring for the dependent adult disabled child does not trigger the ’deeming’ of your own retirement"? (At this point in time; of course, this could change in the future.)
I'm having difficulty verifying this online or with an ARC advisor.
Thank you!
Quote:
Originally Posted by ilovemycat
No, you can go ahead with your plan and just stay on your husband's record, along with your daughter, and collect as caring for a disabled dependent. Filing as the spouse caring for the dependent adult disabled child does not trigger the "deeming" of your own retirement.
Once you do file for your retirement, and you can wait until you are FRA, you are no longer due benefits on his record, until he dies.
I was just pointing out that as long as you are also on your husband's record as the spouse with child in care, you and your daughter are subject to the family maximum.
So, I was just having you figure out the monthly income from SS, with you off his record and on your own.
Yours at 62 +1 is $925.00.
So, if you collect your own, your daughter goes to $976.00, hubby stays at $1952, and you go to $925.00. That is total ss of $3853.00.
Compare that to $3259.00, the family maximum monthly amount. By staying on his record, you lose $594.00 a month for 59 months. That is $35046.00.
But, if you don't take reduced retirement but take your own at your FRA, your family SS is $4242.00. ($1314 for you, $1952 for husband and $976 for your daughter. You begin to make back your loss at the rate of $389.00 a month. It takes you 90 months to make up the $35046.00 and at age 74.5 months, you have made it back. Then each month after that you are ahead (as a family) by $389.00.
So, as long as you remain in good health, that is a good option. Meaning, stay on your husband's record with your daughter, and at age 67 apply for your own retirement.
Please forgive me if I am "beating a dead horse" but I need to clarify something. Is this method only worth it if I retire the year I turn 66 - which is July of this year?. I am not sure if I will retire Dec 2016 or continue until Fall 2017. The way I understand I can start collecting this month and continue to work for as long as I want with no 1:3 payback as I only work part time and less than $60,000 yearly.
I have been reading this site for a few weeks but this is my first post. I have learned a lot but have a way to go. Thank you all for sharing information .
If you earn $60000 a year, then you earn $5000 a month. SSA only cares about January through June because you reach FRA in July. So, $5000 x 6 = $30000.00, which is under the limit for 2016. That means you can retire whenever you want, but you can also collect your SS beginning in January, IF you apply, or call for an appointment before January 31st.
Your benefit would be reduced by 6 months, but you gain the 6 checks. If you decide to do this, either file online or call 1 800 772 1213 before the 31st.
Are you certain that "Filing as the spouse caring for the dependent adult disabled child does not trigger the ’deeming’ of your own retirement"? (At this point in time; of course, this could change in the future.)
I'm having difficulty verifying this online or with an ARC advisor.
Thank you!
I reached out to my old colleagues at work (SSA) and asked them to verify my advice. I will let you know when I hear back.
Are you certain that "Filing as the spouse caring for the dependent adult disabled child does not trigger the ’deeming’ of your own retirement"? (At this point in time; of course, this could change in the future.)
I'm having difficulty verifying this online or with an ARC advisor.
Thank you!
I found the answer online from our POMS (SSA manual of policies). It confirms what I told you. Here it is:
a. Spouse Under Age 62
The child must be entitled on the number holder's (NH) earnings record (ER) but may receive benefits on another ER. NOTE: Once entitled, the spouse can continue receiving unreduced benefits as long as the spouse has in care a child of the NH entitled to child's benefits on any ER.
b. Spouse Age 62 to Full Retirement Age (FRA)
The child may be entitled on any ER. Child in care is not a requirement for spouse entitlement once he/she attains age 62. (RS 00202.001C.) However, the benefits are not reduced for any month in which he/she has an entitled child of the NH in care. (RS 00615.201) See RS 00615.010 if the spouse is also entitled to a reduced RIB.
NOTE: Unreduced benefits continue as long as the spouse has an entitled child of the NH in care. (RS 00615.010)
c. Divorced Spouse Age 62 to FRA
I really appreciate this thread, but it is so confusing to me. Perhaps I can get some advice from ILMC.
Our situation:
Hubby is 56, completely disabled, and on SSDI since 2013.
I will turn 62 in Sept. of this year. I quit working in 2008 to care for hubby.
Should I apply for SS this month? We could use the money, but are not desperate, yet.
Thanks!
Well, at 62 (really 62 + 1 month) a couple of things happen. You become eligible on your record and possibly on your husband's as well. It just depends how high your own retirement is at age 66 (your Full Retirement Age or FRA) and how much your husband's disability is, (gross, before Medicare and or taxes.)
So let's say hubby is getting $2400.00 gross disability. And your FRA amount is $1500.00. In that case, you would not be due anything on hubby and just be eligible for your reduced retirement of $1131.00. (75.42% reduction at 62 + 1). That is because your own $1500.00 is greater than 1/2 of hubby's disability $1200.00).
But, if your FRA amount was $950.00, then you would be due a combo. You would get $716.00 from your own, and about an additional $175.00 from your husband. That would be $891.00.
You have to decide if you want to start. If you have figures I can work it up for you (the gain/loss scenario).
I just reread your inquiry. You are not eligible for anything this month. You need to wait until you are a few months before 62 + 1 to apply, if per above, you choose to do so. The other people I was responding to were either in their FRA year, or they had a child in care. Staying home helping your spouse who is disabled, is unfortunately, not a category they cover. If something was to happen to your husband, that is a different story. You are over 60, so are potentially eligible for widows if something happens.
At least at this point, there's no reason to think this would be changed by the loopholes that were just closed -- since this isn't about suspending benefits, etc.?
Thank you, ilovemycat! I think I will go back outside and shovel some more snow...I live in Maryland. 😳
Quote:
Originally Posted by ilovemycat
I found the answer online from our POMS (SSA manual of policies). It confirms what I told you. Here it is:
a. Spouse Under Age 62
The child must be entitled on the number holder's (NH) earnings record (ER) but may receive benefits on another ER. NOTE: Once entitled, the spouse can continue receiving unreduced benefits as long as the spouse has in care a child of the NH entitled to child's benefits on any ER.
b. Spouse Age 62 to Full Retirement Age (FRA)
The child may be entitled on any ER. Child in care is not a requirement for spouse entitlement once he/she attains age 62. (RS 00202.001C.) However, the benefits are not reduced for any month in which he/she has an entitled child of the NH in care. (RS 00615.201) See RS 00615.010 if the spouse is also entitled to a reduced RIB.
NOTE: Unreduced benefits continue as long as the spouse has an entitled child of the NH in care. (RS 00615.010)
c. Divorced Spouse Age 62 to FRA
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